In a crackdown on digital fraud, the central government has suspended 70 lakh mobile numbers linked to suspicious transactions. Emphasising the urgency of enhancing security measures, Financial Services Secretary Vivek Joshi has called on banks to strengthen their systems and curb the rising cases of digital payment fraud
To encounter digital fraud, the government has taken action by suspending 70 lakh mobile numbers due to suspicious transactions, as announced by Financial Services Secretary Vivek Joshi on Tuesday. Following discussions on financial cyber security and the rise in digital payment fraud, Joshi emphasised the need for banks to enhance their systems and processes. More meetings are planned, with the next one scheduled for January.
Addressing Aadhaar Enabled Payment System (AEPS) fraud, Joshi urged states to investigate and ensure data protection. The meeting also covered discussions on standardising KYC for merchants and enhancing coordination among agencies to counter cyber fraud.
Highlighting the importance of creating awareness about cyber fraud, Joshi stressed the need to protect unsuspecting customers from scams.
During the meeting, the Indian Cyber Crime Coordination Center presented the latest statistics on digital payment frauds reported in the National Cyber Crime Reporting Portal (NCRP), including challenges faced. Senior officials from various departments attended, including the Department of Economic Affairs, Department of Revenue, Department of Telecom, Ministry of Electronics and Information Technology (MeitY), Telecom Regulatory Authority of India, and National Payments Corporation of India.
This meeting gains significance in light of recent digital fraud incidents involving UCO Bank and Bank of Baroda. UCO Bank reported an erroneous credit of Rs 820 crore to account holders via Immediate Payment Service (IMPS) earlier this month. The bank, facing technical issues in IMPS, blocked recipient accounts and recovered 79% of the amount, Rs 649 crore, but the cause of the glitch is yet to be clarified. The matter has been reported to law enforcement for necessary action.
